Gem Rns out18 May 2018 16:26
https://web.tmxmoney.com/article.php?newsid=6008285054367215&qm_symbol=GI
Gem International Announces Proposed Share Consolidation
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Gem International Resources Inc. (�Gem International� or the �Corporation�) (TSXV:GI) announces that it is proposing to consolidate its issued and outstanding common shares (the �Common Shares�) on the basis of up to one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the �Consolidation�). Additional information relating to the proposed Consolidation is included in the management information circular of the Corporation dated April 24, 2018 (the �Circular�), which is available on the Corporation�s issuer profile on SEDAR at www.sedar.com.
The Corporation mailed the Circular with respect to its special meeting of shareholders (the �Shareholders�) scheduled for May 29, 2018 (the �Meeting�). As part of the Meeting, Shareholders will be asked to approve a special resolution to amend the articles of the Corporation in order to implement the Consolidation. There are currently 58,265,539 Common Shares issued and outstanding. If and upon the Consolidation becoming effective, on a maximum one (1) for ten (10) basis, it is expected there will be approximately 5,826,553 post-Consolidation Common Shares in the capital of the Corporation issued and outstanding on a non-diluted basis.
The newly elected board of directors of the Company (the �Board�) has concluded that the Consolidation would be in the best interest of the Shareholders as it could lead to increased interest by a wider audience of potential investors and could better position the Corporation to obtain financing. Notwithstanding the foregoing, the Board may determine not to implement the Consolidation at any time after the Meeting and after receipt of necessary regulatory approvals, but prior to the issuance of a certificate of amendment, without further action on the part of the Shareholders. If the resolution approving the Consolidation is passed by Shareholders at the Meeting, the Board shall have until the next annual meeting of Shareholders to implement the Consolidation in its sole discretion. Notwithstanding approval of the Consolidation by the Shareholders, the Board, in its sole discretion, may revoke the resolution approving the Consolidation and abandon the Consolidation without further approval, action by, or prior notice to Shareholders. The Consolidation is subject to Shareholder and regulatory approval, including the approval of the TSX Venture Exchange.
In connection with the share consolidation, the Corporation will be changing its name to Norseman Capital Ltd.
For further information, please contact:
John W. Barr
Interim Chief
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